On Saturday at Singapore's Speakers' Corner, I saw so many people, mostly them angry and worried. These were made up of many elderly investors who had invested their life savings in some financial products that were linked to the US investment financial institutions that collapsed recently. Among these, the unexpected Lehman Brothers. Some of these investers had invested a lot of money buying credit linked securities.
A retiree, about 60 year old woman, said that she could lose as much as S$125,000 of life savings thinking that some of the product she bought could promise her a higher interest than fixed deposits. Another woman, lost S$400,000 and that money was meant for the retirement for herself and her husband. She was introduced to Lehman Brothers Minibonds and was promised low risks.
In the next few decades, we really have to see some tightening of our belts and thrifty spending plus more savings.
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